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congress has the constitutional authority to set our debt ceiling and has agreed to raise it. watch for a big fight as republicans try to institute some sort of fiscal sense that democrats resist. the big events, but there is another one that happened today that congress did not pass a resolution to recognize that happened. you probably already know about it. the payroll tax has expired, and if you et your first paycheck today says the fiscal cliff, well, watch out. you may be shocked by then nearly 50% increase in the tax. the social security withholding tax reset. for middle-class american families earning $50,000, that means at least in $800,000 tax hike, maybe as much as a thousand bucks. if this is the first shot of about, it's not going over too well. here's what people are saying on twitter. if you're asking why my pacheck is less this week, is because you got what you asked for. on it. why is my pacheck bless thi we? because obama loves to penalize the makers and redistribute to the takers. it gets worse. on and on andon. my prediction here is there is no attempt to cu
congress has the constitutional authority to set our debt ceiling and has agreed to raise it. watch for a big fight as republicans try to institute some sort of fiscal sense that democrats resist. the big events, but there is another one that happened today that congress did not pass a resolution to recognize that happened. you probably already know about it. the payroll tax has expired, and if you et your first paycheck today says the fiscal cliff, well, watch out. you may be shocked by then...
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the budget and about the debt ceiling. he was very involved in 2011. he's obviously been very involved the last couple of months. if he leaves, i think we could -- it really depends who takes over for him. but i think we're -- i think we're looking at a lot of big issues to face before march and so it's really going to come down to who that person is that takes over. >> yeah, certainly. have to talk a little bit of football because we always talk about the commercials and the super bowl and how much money they bring in. there are reports that it might have the ad sales looking a little less hot, sexy, if you will, this year. are you hearing anything about that? and if so, what's behind it? >> about ad sales? >> yeah. well, no. about the content of them. i mean, remember all the talk about how sexy they are and, look it, i mean, they are painting on naked bodies here and you have, you know, all that. i mean, is there anything to say about the tenor of these sales is changing? >> it certainly seems like it. i also think skin
the budget and about the debt ceiling. he was very involved in 2011. he's obviously been very involved the last couple of months. if he leaves, i think we could -- it really depends who takes over for him. but i think we're -- i think we're looking at a lot of big issues to face before march and so it's really going to come down to who that person is that takes over. >> yeah, certainly. have to talk a little bit of football because we always talk about the commercials and the super bowl...
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as well as congress to production before we can have agreement to raise the debt ceiling. host: i could be the entire piece by eugene robinson, but i will share the first sentence. guest: it's clearly critical. i understand that solutions by nature are imperfect. but the reality is we have got to do these things that we are talking about. we need to do it in a thoughtful, open, transparent way, not. at the last not i think that is what he's referring to. when you do it up against these deadlines, a way to do business. we talked about it earlier. i hope that running into the deadline on the fiscal cliff is something that congress will take into account as we work on the debt ceiling agreement and that we can get it done before the deadline. remember, you have talked about how president obama, speaker boehner will approach these things, we've got to have people talking to each other and we've got to get to solutions before the 11th hour to avoid that. that is absolutely what we can do. host: we agreed to the debt ceiling limit, 16 $0.40 trillion -- $16.4 trillion, up in the
as well as congress to production before we can have agreement to raise the debt ceiling. host: i could be the entire piece by eugene robinson, but i will share the first sentence. guest: it's clearly critical. i understand that solutions by nature are imperfect. but the reality is we have got to do these things that we are talking about. we need to do it in a thoughtful, open, transparent way, not. at the last not i think that is what he's referring to. when you do it up against these...
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the problem they have now with the debt ceiling is this is again playing roulette. what they have to do is they have to have a caucus united on a simple demand. whatever it is, $1 in spending cuts for every $1 in debt increases, a balanced budget amendment, but something. they also made a tactical throw back. if they do not, they will get rolled. >> charles' advice is thoughtful, but when asked if they would accept $10 for $1, everyone said it was unacceptable. we are in a position where we'd like to take tough positions but we do not like to make tough calls. >> i think we will see something inherently different. i think the president is serious when he says he will not negotiate over the debt ceiling. he should not. this is something that is artificial. >> will the new congress make a difference? more women, more latinos, gays and lesbians. or african-americans, asians. will the makeup of congress make a difference? >> if anything, congress is more polarized because of redistricting. this is part of the problem. >> you do not see a ted cruz of texas and elizabeth
the problem they have now with the debt ceiling is this is again playing roulette. what they have to do is they have to have a caucus united on a simple demand. whatever it is, $1 in spending cuts for every $1 in debt increases, a balanced budget amendment, but something. they also made a tactical throw back. if they do not, they will get rolled. >> charles' advice is thoughtful, but when asked if they would accept $10 for $1, everyone said it was unacceptable. we are in a position where...
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and it's not lifting the debt ceiling to pay for future spending. it's to pay for the bills that we've already accrued. but regardless of that, regardless of that, the people want us to get together and do something. it's why i was sad to see steve decide not to run for re-election because we need republicans, we need more republicans who are going to stand in there and say, yes, spending is the issue, but we've got to realize that we've got to have reasonable revenue that comes into the mix, and we've got to look at everything. when it comes to spending, defense cannot be a sacred cow. we have to look at everything, and we have to have legitimate entitlement reform. and on our side, mike, we have got to do this. i was on "the cycle," one of msnbc's shows, and i suggested that raising the age on medicare given the fact we're living longer isn't a necessarily bad idea. the three progressive hosts, you would have thought that i proposed treason to the american government. >> congressman, let me ask you a question about your next endeavor. politico poi
and it's not lifting the debt ceiling to pay for future spending. it's to pay for the bills that we've already accrued. but regardless of that, regardless of that, the people want us to get together and do something. it's why i was sad to see steve decide not to run for re-election because we need republicans, we need more republicans who are going to stand in there and say, yes, spending is the issue, but we've got to realize that we've got to have reasonable revenue that comes into the mix,...
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don't use the debt ceiling as leverage. >> one thing i will not compromise over is whether or not congress should pay the tab for a bill they've already racked up. if congress refuses the ability for the united states to pay its bills on time, it could be cat strofk. kristen welker with the president in honolulu. it will be a big change of scenery when he gets back to washington. tell us some of the battles on the horizon for the president. >> reporter: hi, craig. good afternoon. there are three budget battles on the horizon. the one getting the most attention right now is the fight over the debt ceiling and the debt ceiling is like the nation's credit card. the nation has essentially maxed out at this point in time. so congress, the white house will have a bigeb
don't use the debt ceiling as leverage. >> one thing i will not compromise over is whether or not congress should pay the tab for a bill they've already racked up. if congress refuses the ability for the united states to pay its bills on time, it could be cat strofk. kristen welker with the president in honolulu. it will be a big change of scenery when he gets back to washington. tell us some of the battles on the horizon for the president. >> reporter: hi, craig. good afternoon....
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the president used his weekly address to tell the nation raising the debt ceiling to avoid a government default is a problem for congress. >> one thing i will not compromise over is whether or not congress should pay the tab fair bill they've already racked up. if congress refuses to give the united states the ability to pay its bills on time, the consequences for the entire global economy could be catastrophic. >> reporter: top advisers say the president will never again, as he did in 2011, get pulled into that debate. but republicans want a fight, tying the debt ceiling to spending cuts required by the fiscal cliff. >> we're crushing today's small business and the next generation of americans under a mountain of debt. >> reporter: they see an opening at the end of february when the debt limit, new $16.4 trillion, comes up as do mandatory spending cuts in the tebz of billions. >> it's time to face up to the fact our nation is in grave fiscal danger, grave fiscal danger, and it has everything to do with spending. >> reporter: with taxes raised now, republicans contend they own the spend
the president used his weekly address to tell the nation raising the debt ceiling to avoid a government default is a problem for congress. >> one thing i will not compromise over is whether or not congress should pay the tab fair bill they've already racked up. if congress refuses to give the united states the ability to pay its bills on time, the consequences for the entire global economy could be catastrophic. >> reporter: top advisers say the president will never again, as he did...
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the debt ceiling law was established to give the u.s. treasury the flexibility to borrow money without going to congress to get approval every time a bill was passed. it had absolutely nothing to do with spending control or debt control. it was a technicality. most functioning countries don't have any such thing because they understand that if the government spends the money it has to pay the bills. republicans seem to think the debt creeling is is a good tool to limit how much the government spends. the current debt ceiling was officially hit on december 31st, but like last time the u.s. treasury is using extraordinary measures to get it through. and sometime about late february or early march, they might. if congress doesn't act by then, the government risks not being able to pay some of its bills. now, as if that's not enough, by march 1st we could be heading off the sequester cliff. that's because the fiscal cliff deal that passed last week put off what to do with government spending for two months. blanket cuts are still mandated by
the debt ceiling law was established to give the u.s. treasury the flexibility to borrow money without going to congress to get approval every time a bill was passed. it had absolutely nothing to do with spending control or debt control. it was a technicality. most functioning countries don't have any such thing because they understand that if the government spends the money it has to pay the bills. republicans seem to think the debt creeling is is a good tool to limit how much the government...
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. >>> the battle over the debt ceiling is just beginning. that's the self-imposed government borrowing limit imposed by congress. if the limit is not raised by late february or early march, the u.s. runs the risk of defoughting on its bills. close to $1 trill is needed to cover a year of borrowing. what's president obama's strategy? brian todd has the answer to the trillion-dollar question. >>. >> reporter: the president says he won't negotiate with congress over lifting the debt ceiling. >> i will not play that game. >> reporter: republicans say -- >> the president may not want to have this debate, but it's the one he's going to have, because the country needs it. >> reporter: so while they debate over a debate and raise head-long into the dead ceiling, is there a magic bullet to solve the crisis? try a magic coin. some economists, legal scholars and now even a congressman, are suggesting a $1 trillion platinum coin could be minted and the government could use that to pay the debt, avoid default and preempt the debt kreeg crisis. democratic
. >>> the battle over the debt ceiling is just beginning. that's the self-imposed government borrowing limit imposed by congress. if the limit is not raised by late february or early march, the u.s. runs the risk of defoughting on its bills. close to $1 trill is needed to cover a year of borrowing. what's president obama's strategy? brian todd has the answer to the trillion-dollar question. >>. >> reporter: the president says he won't negotiate with congress over lifting...
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but february or early march, congress will have to vote on raising the debt ceiling, and the differences are not resolved, the country could see a default on the national debt and another potential downgrade on u.s. credit rating. joining me now, judd gregg, co-chair on the campaign to fix the debt. senator greg, thank you for joining me. >> thank you for having me on. >> it's a new year, new congress, but has some old problems, the debt mainly. what will happen this time? >> well, you know, the congress and the president made two efforts here that have been fairly substantive. the 2011 effort reduced discretionary spending by $900 billion and a tax increase of $960 billion, but the big elephant has not been addressed, entitlement spending, that's driving our debt. we're running deficits of over a trillion dollars a year, even after the tax increase, so they will have to come back and address that. i hope they can do it in an orderly way, rather than what we do in recent years. the chances that seem to be slim, the congress and president don't seem to be able to work this out in an order
but february or early march, congress will have to vote on raising the debt ceiling, and the differences are not resolved, the country could see a default on the national debt and another potential downgrade on u.s. credit rating. joining me now, judd gregg, co-chair on the campaign to fix the debt. senator greg, thank you for joining me. >> thank you for having me on. >> it's a new year, new congress, but has some old problems, the debt mainly. what will happen this time? >>...
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with multiple budget crises ahead like the debt ceiling and automatic spending cuts, the continuing budget resolution, the people who watch capitol hill say the partisanship and brinkmanship will be as bitter as ever. cnn's national political correspondent jim acosta explains why. >> reporter: after surviving a failed coup led by his own members beleaguered house speaker john boehner wants to take the same fractured party into battle. in a closed door meeting with house republicans a source in the room tells cnn boehner said he will demand budget cuts larger than any increase in the nation's debt limit. with the fiscal cliff behind us boehner told his members the focus turns to spending. that puts republicans in congress back on the collision course with the white house after the president insisted earlier this week he will not negotiate over the debt ceiling. >> i will not have another debate with this congress over whether or not they should pay the bills that they've already racked up through the laws that they passed. >> reporter: if the president won't come to the bargaining table one
with multiple budget crises ahead like the debt ceiling and automatic spending cuts, the continuing budget resolution, the people who watch capitol hill say the partisanship and brinkmanship will be as bitter as ever. cnn's national political correspondent jim acosta explains why. >> reporter: after surviving a failed coup led by his own members beleaguered house speaker john boehner wants to take the same fractured party into battle. in a closed door meeting with house republicans a...
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the debt ceiling is the legal limit on the nation's borrowing. in his weekly address, the president says he is taking a hard line on the issue. >> one thing i will not compromise over is whether or not congress should pay the tab for the bill they've already racked up. if congress refuses to give the united states the ability to pay its bills on time, the consequences for the entire global economy could be catastrophic. last time congress threatened this course of action, our entire economy suffered for it. our families and our businesses cannot afford that dangerous game again. >> as you would expect, republicans are also drawing a line despite approving the fiscal cliff compromise. gop lawmakers say it was missing something monumental -- long-term spending cuts. here's a clip of their weekly address. >> the simple truth is that we are in this fiscal mess because washington takes too much of your money and then waists it -- then wastes it. that's the real problem and needs a real solution. we have to make sure washington is accountable for every
the debt ceiling is the legal limit on the nation's borrowing. in his weekly address, the president says he is taking a hard line on the issue. >> one thing i will not compromise over is whether or not congress should pay the tab for the bill they've already racked up. if congress refuses to give the united states the ability to pay its bills on time, the consequences for the entire global economy could be catastrophic. last time congress threatened this course of action, our entire...
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now congress is getting warmed up to battle it out over the budget and how to solve the debt ceiling crisis. one congressman think s mintinga $1 trillion coin can save the day. here is brian todd with that. >> reporter: the president says he won't negotiate with congress over lifting the debt ceiling. >> i will not play that game. >> reporter: republicans say -- >> the president may not want to have this debate but it's the one he's going to have because the country needs it. >> reporter: while they debate over the debate, is there a magic bullet to solve the crisis? try a magic coin. some economists, legal scholars and now even a congressman are suggesting a $1 trillion platinum coin could be minted and the government could use that to pay the debt, avoid default and preempt the debt ceiling crisis. gerald nadler of new york says i'm being absolutely serious. it sounds silly but it's absolutely legal. why do you think it's a good idea right now? >> it's better than government shutdown. it's better than defaulting on the debt. it's better than the bad alternatives. >> reporter: techn
now congress is getting warmed up to battle it out over the budget and how to solve the debt ceiling crisis. one congressman think s mintinga $1 trillion coin can save the day. here is brian todd with that. >> reporter: the president says he won't negotiate with congress over lifting the debt ceiling. >> i will not play that game. >> reporter: republicans say -- >> the president may not want to have this debate but it's the one he's going to have because the country...
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. >> jamie: do you think he could raise the debt ceiling without getting the consensus of congress? >> he has already done things that most cooling scholars is dubious. he made appointments in congress when congress was out of session but congress said it wasn't out of session. nancy pelosi the democratic leader of the house has said the president should do this and she'll back him up. if the president did that it might go to court. i don't think the courts would exercise injure diction on that. of course the president would do that. if the consequences are catastrophic as they claim, i don't think they will be, of course he'll do it. >> jamie: you talk about the republicans' approach of cutting spending in order to make this deal on raising the debt ceiling. is there any other choice than to cut spending? >> you can do three things without problems unless you wanted to become greece. you can cut spending, reduce the rate of spending that we have. you can raise taxes. we just did that or you can print monday and we have done a lot of that. those are three choices. >> jamie: what abo
. >> jamie: do you think he could raise the debt ceiling without getting the consensus of congress? >> he has already done things that most cooling scholars is dubious. he made appointments in congress when congress was out of session but congress said it wasn't out of session. nancy pelosi the democratic leader of the house has said the president should do this and she'll back him up. if the president did that it might go to court. i don't think the courts would exercise injure...
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and it's not lifting the debt ceiling to pay for future spending. it's to pay for the bills that we've already accrued. but regardless of that, regardless of that, the people want us to get together and do something. it's why i was sad to see steve decide not to run for re-election because we need republicans, we need more republicans who are going to stand in there and say, yes, spending is the issue, but we've got to realize that we've got to have reasonable revenue that comes into the mix, and we've got to look at everything. when it comes to spending, defense cannot be a sacred cow. we have to look at everything, and we have to have legitimate entitlement reform. and on our side, mike, we have got to do this. i was on "the cycle," one of msnbc's shows, and i suggested that raising the age on medicare given the fact we're living longer isn't a necessarily bad idea. the three progressive hosts, you would have thought that i proposed treason to the american government. >> congressman, let me ask you a question about your next endeavor. politico poi
and it's not lifting the debt ceiling to pay for future spending. it's to pay for the bills that we've already accrued. but regardless of that, regardless of that, the people want us to get together and do something. it's why i was sad to see steve decide not to run for re-election because we need republicans, we need more republicans who are going to stand in there and say, yes, spending is the issue, but we've got to realize that we've got to have reasonable revenue that comes into the mix,...
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and it's not lifting the debt ceiling to pay for future spending. it's to pay for the bills that we've already accrued. but regardless of that, regardless of that, the people want us to get together and do something. it's why i was sad to see steve decide not to run for re-election because we need republicans, we need more republicans who are going to stand in there and say, yes, spending is the issue, but we've got to realize that we've got to have reasonable revenue that comes into the mix, and we've got to look at everything. when it comes to spending, defense cannot be a sacred cow. we have to look at everything, and we have to have legitimate entitlement reform. and on our side, mike, we have got to do this. i was on "the cycle," one of msnbc's shows, and i suggested that raising the age on medicare given the fact we're living longer isn't a necessarily bad idea. the three progressive hosts, you would have thought that i proposed treason to the american government. >> congressman, let me ask you a question about your next endeavor. politico poi
and it's not lifting the debt ceiling to pay for future spending. it's to pay for the bills that we've already accrued. but regardless of that, regardless of that, the people want us to get together and do something. it's why i was sad to see steve decide not to run for re-election because we need republicans, we need more republicans who are going to stand in there and say, yes, spending is the issue, but we've got to realize that we've got to have reasonable revenue that comes into the mix,...
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ceiling. what did we do? >> well, congresswoman, the reason i laughed and had to stop in the middle of the mcconnell quote is that the idea that the debt or the so-called spiraling debt is the fundamental pre-eminent issue facing us, and if that is the sort of the line in the sand for the 113th, it sounds like you are going to have a hard time getting these o other things addressed if in fact, the narrative is always going to be about debt and spending in some way. >> well, what we have seen is that most americans do see that debt is a concern, and they may not understand all of the details, but they know in their own lives that when they have debt, they are in trouble, and we have to acknowledge it honestly and that there is a problem and acknowledge that the way to solve it is not just to raise taxes or cut spending. sometimes the republicans will say no new taxes and democrats say no cut in spending. so we have to find a middle ground and do it. what we didn't see from the deal that came ou
ceiling. what did we do? >> well, congresswoman, the reason i laughed and had to stop in the middle of the mcconnell quote is that the idea that the debt or the so-called spiraling debt is the fundamental pre-eminent issue facing us, and if that is the sort of the line in the sand for the 113th, it sounds like you are going to have a hard time getting these o other things addressed if in fact, the narrative is always going to be about debt and spending in some way. >> well, what we...
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ceiling. >> one thing i will not compromise over is whether or not congress should pay the tab for a bill they already wracked up. if congress refuses to give the united states the ability to pay its bill on time, consequences for the entire global economy could be catastrophic. >> meanwhile, during a closed door meeting on friday, john boehner told members of the gop conference he plans to use the upcoming battle over raising the debt ceiling as leverage for more spending cuts. insiders on capitol hill have been told to prepare for chuck hag hagel's nomination for defense secretary. at the same time, a white house spokesperson says the president has not made a final decision yet. congress passed a hurricane sandy relief bill that provides 9.7 billion to the national flood insurance program, nearly out of money, republican leadership took heat from both parties. the house is set to vote on additional sandy aid. worth nearly $52 billion on january 15th. the senate is recessed until the 21st. >>> president obama and the fi
ceiling. >> one thing i will not compromise over is whether or not congress should pay the tab for a bill they already wracked up. if congress refuses to give the united states the ability to pay its bill on time, consequences for the entire global economy could be catastrophic. >> meanwhile, during a closed door meeting on friday, john boehner told members of the gop conference he plans to use the upcoming battle over raising the debt ceiling as leverage for more spending cuts....
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ceiling we are going to approach here in a couple of months. it is going to be interesting to see what happens in congress. but it is really silly to argue over that issue because this is money that has already been appropriated and spent. they can control what they spend going forward, there's also going to be a battle over continued funding of the government in march and on the short term i'm pessimistic. but i agree with the caller from florida about we need to create jobs with good pay and benefits. from what i have read i understand that 60% of the jobs that are being created are not even subsistence type wages. so, from the little bit of economics that i know, countries that prefer cheap goods have cheap labor and basically it gets dragged down to the point where the imports come from countries like germany, which have high labor and high costs of goods are the ones that have a sustained economy. host: that is john from louisville, kentucky, on the democrats lane. "philadelphia inquirer" and other stories talk about the house vote on the
ceiling we are going to approach here in a couple of months. it is going to be interesting to see what happens in congress. but it is really silly to argue over that issue because this is money that has already been appropriated and spent. they can control what they spend going forward, there's also going to be a battle over continued funding of the government in march and on the short term i'm pessimistic. but i agree with the caller from florida about we need to create jobs with good pay and...
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at the top of the list, the debt ceiling which is like the nation's credit card, and it's about to max out. emboldened by his recent tax hike victory, president obama drew a hard line in his weekly address. >> as i said earlier this week, one thing i will not compromise over is whether or not congress should pay the tab for a bill they've already racked up. >> reporter: house speaker john boehner who won re-election to the speakership this week -- [ applause ] >> reporter: told his conference he plans to use the debt limit as leverage to cut spending. in the republican address, representative dave camp echoed boehner. >> our national debt is now over $16 trillion. we're crushing today's small businesses, and the next generation of americans under a mountain of dead. >> reporter: if the fight sounds familiar, it is. during the summer of 2011, the country had its credit downgraded after the president and lawmakers had a bruising fight over the debt limit. on friday, cnbc's jim cramer told andrea mitchell the upcoming partisan battle could have an impact. >> look, first quarter could be d
at the top of the list, the debt ceiling which is like the nation's credit card, and it's about to max out. emboldened by his recent tax hike victory, president obama drew a hard line in his weekly address. >> as i said earlier this week, one thing i will not compromise over is whether or not congress should pay the tab for a bill they've already racked up. >> reporter: house speaker john boehner who won re-election to the speakership this week -- [ applause ] >> reporter:...